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Steel News May 22, 2024 04:10:19 PM

U.S. Steel Clarifies on Misinformation Campaign on Nippon Steel Deal

Paul Ploumis
ScrapMonster Author
The letter notes that the all-cash transaction with NSC was approved after a robust and lengthy strategic alternatives review process.

U.S. Steel Clarifies on Misinformation Campaign on Nippon Steel Deal

SEATTLE (Scrap Monster): The Board of Directors of Pittsburgh-based United States Steel Corporation (U. S. Steel) has published a letter in response to the “long-running misinformation campaign” in connection with the proposed acquisition of the company by Japanese steelmaker Nippon Steel Corporation (NSC). The letter highlights major benefits of the transaction to its stakeholders and other interested parties.

The letter notes that the all-cash transaction with NSC was approved after a robust and lengthy strategic alternatives review process. The transaction promises to deliver significant value to the company’s investors. Moreover, it offers job security and growth opportunities for its employees.

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Cleveland Cliffs- one of the competitors and unsuccessful bidder has been spreading misinformation with the aim of derailing the transaction. The company has been spreading false rumours that U.S. Steel is working to unwind the transaction, which is totally untrue. Both NSC as well as U.S. Steel continue to remain fully committed to completing the transaction, which it believes, will benefit American consumers and enhance national security, the letter stated.

The NSC investment is pro-competitive, pro-national security, pro-employee and pro-community, said the letter.

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